For those whose Bowness On Windermere home is held on a long lease, our message is clear – if nothing is done, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension.
It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB |
Engaging our service will provide you increased control over the value of your Bowness On Windermere leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Elijah owned a high value apartment in Bowness On Windermere on the market with a lease of a little over 59 years unexpired. Elijah informally spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Elijah to invoke his statutory right. Elijah obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the property.
In 2012 we were phoned by Mrs U Lefebvre who, having moved into a first floor apartment in Bowness On Windermere in October 2011. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Similar residencies in Bowness On Windermere with an extended lease were worth £267,600. The mid-range ground rent payable was £65 invoiced monthly. The lease ran out in 2093. Given that there were 67 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £14,300 and £16,400 plus legals.
Dr Toby Flores completed a newly refurbished apartment in Bowness On Windermere in May 2003. The question was if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative premises in Bowness On Windermere with an extended lease were valued about £201,200. The mid-range ground rent payable was £55 billed every twelve months. The lease ran out on 21 March 2082. Given that there were 56 years remaining we approximated the premium to the landlord to extend the lease to be between £31,400 and £36,200 not including professional charges.